Eni SpA, Italy’s largest oil producer, reported a net loss in the third quarter after crude prices slumped. The adjusted net loss was 257 million euros ($281 million) compared with net income of 1.17 billion euros a year earlier, the Rome-based company said Thursday in a statement. “The fundamentals of the oil market remain weak due to oversupplied global markets and uncertainties about the resilience of demand,” Eni said, announcing a reduction in its annual spending plan. The shares fell as much as 1.6 percent in Milan. The price of Brent crude, a global benchmark, has tumbled about 45 percent in the past year amid a persistent glut. Eni and its peers have been forced to cut spending, sell assets and cancel projects to weather a decline in earnings, which has been partly offset by higher margins from oil refining. The Italian company, which operates five processing plants in […]